CBRE Inks 374,100-SF Warehouse Lease Renewal for Newegg
- Oct 25, 2010
October 25, 2010
By Allison Landa, News Editor
CB Richard Ellis has completed a five-year, 374,148-square-foot lease renewal at 1 Gourmet Lane in Edison, New Jersey on behalf of Newegg.com, an online technology retailer. The warehouse has 32-foot ceilings and an early suppression fast response cross-dock system.
CBRE first vice presidents Scott Belfer and Lou Belfer represented Newegg, while landlord Ron Schram of Morris Cos. represented himself.
According to Belfer, the company is seeing an influx of potential lessees and buyers who wish to renew their spaces at current market prices while the economy continues to recover. He added that Newegg has been located at 1 Gourmet Lane for the last three years and renewed with one year left on its lease in order to capitalize on today’s rates.
The building’s only tenant, Newegg will use the space as its warehouse and distribution headquarters for the Northeast. It is located near the New Jersey Turnpike, Interstate 287 and Route 1 in Edison.